This article, which appeared on CNBC, is about a RBC Capital Markets analysts' notice of this negative correlation developing between gold and Bitcoin around the end of last year, which is the time frame in which I noticed the same thing:

As I wrote then, from a bottom for gold (the yellow line) around December 11th, and a peak for Bitcoin (the green line) around December 16th, the two rapidly began to trade places in terms of their price movements, crossing over on January 8th of this year.

While the price movements of the two commodities do not move in perfect sync with each other (almost nothing out there that demonstrates any degree of correlation ever does), the negative correlation does look to be continuing. After gold began to slide, Bitcoin apparently found the bottom of its slide and began to reverse. This suggests that, at least in part, cash flowing out of gold is finding its way into Bitcoin.

Going forward then the question will be, will this become a stronger negative correlation, or is this the beginning of a shift some have speculated might occur one day, that people will abandon the use of gold as a long term store of value in favor of Bitcoin?

Gold has been a traditional store of value for thousands of years because of key physical properties it possesses, namely its durability and scarcity, but also because a fitting alternative did not exist across all of the technological changes during those millennia leading up until now. But now we are in the early years of a new era, a digital one, and the way we do business has changed dramatically, whereas gold has not. Then along comes distributed ledger technology and Bitcoin, with engineered scarcity and durability (more so than gold, practically), and we potentially have the new "perfect" tool to fill that role in this new age. A major, global shift of preference from gold to Bitcoin may be inevitable; after all, you cannot send gold in an email, but you can transmit value in essentially that way via a cryptocurrency.